NIFTY : Trading Plan and Levels for 05-Nov-2024On 04-Nov-2024, Nifty showcased a strong downward trend followed by some consolidation. The session closed near 23,990, with critical support levels between 23,725 and 23,579, indicating a potential for a bounce in the coming session. Resistance is seen at 24,021, with a significant zone near 24,163. The Yellow trend indicates potential sideways movement, while the Green trend shows bullish prospects and the Red trend represents a bearish path.
Trading Plan for 05-Nov-2024:
Gap Up Opening (100+ points):
If Nifty opens with a 100+ point gap-up above 24,021, we could see a bullish move towards 24,163 (Intraday resistance). It’s essential to watch if prices sustain above this zone, as crossing this level could target the last intraday resistance of 24,319.
If Nifty fails to sustain above 24,163, expect a sideways move back towards 24,021. Traders should exercise caution here as any rejection from higher levels might signal a potential reversal.
Actionable Plan:
Buy on a sustained move above 24,163, with a target of 24,319.
Stop Loss: Below 24,021 on a 15-minute candle close.
Flat Opening:
If Nifty opens flat around 23,990, the focus will be on the reaction near 24,021 (opening support/resistance). A clear breakout above this level could push Nifty into a bullish zone, aiming for 24,163 and beyond.
However, failure to break this level will lead to a sideways consolidation (Yellow trend) or a possible retest of lower supports near 23,725.
Actionable Plan:
Buy on breakout above 24,021, targeting 24,163.
Sell below 23,953, with a target towards 23,725.
Stop Loss: Place tight stop losses at 23,990.
Gap Down Opening (100+ points):
If Nifty opens with a gap-down near 23,725 or below, the Best Buy Zone comes into play. Watch for bullish price action around this support level. Any strong bounce from here could lead to a recovery back to 23,953 or higher.
In case Nifty fails to hold 23,725, a further decline towards 23,579 could be on the cards, with a potential for a deeper correction.
Actionable Plan:
Buy near 23,725 with a target of 23,953.
Sell below 23,725, aiming for 23,579.
Stop Loss: Below 23,725 on a 15-minute candle close.
Risk Management Tips for Options Trading:
Always use strict stop losses, especially on volatile days.
Avoid holding positions overnight unless there’s a strong directional bias.
For options traders, consider entering at-the-money or slightly out-of-the-money options to benefit from quick price moves while managing risk.
Summary and Conclusion:
The key levels for 05-Nov-2024 are 24,021 for intraday resistance and 23,725 for strong support. A gap-up or flat opening should be monitored closely for breakouts above these resistance levels. A gap-down could provide an excellent buying opportunity near 23,725. Traders should stay cautious and respect the support/resistance zones, waiting for confirmation before taking trades.
Disclaimer: I am not a SEBI-registered analyst. This trading plan is purely based on technical analysis and psychological theories. Please consult with your financial advisor before making any trading decisions.
Niftytradesetup
NIFTY : Trading Levels and Plan for 04-Nov-2024Intro for Previous Day's Chart Pattern:
In the previous two session, Nifty demonstrated a balanced movement with multiple attempts to break the support and resistance zones, suggesting potential consolidation. The chart highlights key areas where demand and supply forces are likely to react. Yellow trend indicates Sideways movement, Green trend shows a Bullish trend, and Red represents a Bearish trend.
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Trading Plan for 04-Nov-2024:
Opening Scenarios:
Gap Up Opening (100+ points):
If Nifty opens with a significant gap up around 24,489 or higher:
- Watch for resistance near the ChCoCh Zone (Change of Character) at 24,489-24,533. If Nifty sustains above 24,533, it could indicate strong bullish momentum towards the 24,616 zone, marked as the “Last Intraday Resistance.”
- In case of a rejection from 24,489, wait for confirmation before initiating short trades, as prices may retest lower support levels.
- For conservative traders, it’s advisable to wait for a retracement back toward 24,286-24,265 levels before considering long entries.
Flat Opening:
If Nifty opens flat around 24,300:
- Focus on the immediate support level at 24,286. A successful defense of this support could trigger a bounce towards the 24,489-24,533 resistance area.
- If prices struggle to break through 24,286, look for opportunities to enter long trades near the “No Trading Zone” at 24,163.
- For intraday shorts, wait for bearish signals near 24,533 or if Nifty falls below 24,265, targeting the lower support at 24,020.
Gap Down Opening (100+ points):
If Nifty opens with a gap down around 24,163 or lower:
- Monitor the support levels at 24,020 and 23,958. These zones represent “Last Buyer’s Support for Intraday.” A break below 23,958 may trigger further downside pressure towards lower levels.
- If 24,020 holds, it could offer a buying opportunity with a potential target toward 24,286.
- For intraday trades, be cautious of volatility and await clear price action before entering positions, especially in gap-down scenarios.
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Risk Management Tips for Options Trading:
- Limit your position sizes and keep a strict stop-loss in volatile conditions, especially post-Diwali.
- Monitor implied volatility as it can affect options premium significantly during high volatility sessions.
- Avoid chasing options trades if premiums have already inflated substantially post-market opening.
- Stay cautious around key levels to avoid whipsaws and consider taking partial exits at defined target levels to lock in profits.
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Summary and Conclusion:
The 04-Nov-2024 session may witness reactions at critical support and resistance zones, presenting opportunities for both intraday and swing traders. Wait for a clear break of levels to confirm direction. Sideways consolidation could occur near the mid-range, so be prepared for both trend-following and range-bound strategies.
Disclaimer: I am not a SEBI-registered analyst. This trading plan is shared purely for educational purposes. Please conduct your analysis or consult a financial advisor before making any trading decisions.
#Nifty50 outlook for upcoming week 4th-8th Nov 2024Last week, the Nifty 50 index concluded at 24,304 points, marking a 125-point surge from the previous week's close. It reached a high of 24,498 and a low of 24,134. As anticipated, the index successfully tested the 24,500 resistance level before settling at its current position.
With the India VIX index indicating an upward trend, the Nifty 50 is expected to trade within a broader range of 24,900 to 23,700 in the coming week. A breach of these levels could trigger significant market volatility. The upcoming US elections on November 5th are likely to intensify the tug-of-war between bulls and bears.
I'm closely monitoring the 23,511 level (DEMA200) as a potential entry point for NiftyBees. However, it remains to be seen if this opportunity materializes.
S&P 500's Weekly Performance and Outlook
The S&P 500 index ended the week at 5,728 points, approximately 80 points lower than the previous week's close. It touched a high of 5,850 and a low of 5,702. This week, the index found support at the DEMA50 level. If it dips below 5,702 next week, it could test support levels at 5,637, 5,585, and 5,400, which would have negative implications for global markets.
To resume its upward trajectory, the S&P 500 needs to close above 5,700 on consecutive days. This could propel it towards the 5,821, 5,868, and 5,899 levels.
#NIFTY Intraday Support and Resistance Levels - 31/10/2024Gap down opening expected in nifty. After opening if nifty starts trading below 24250 level then possible downside rally upto 24050 level in today's session. 24300-24500 range is consolidation zone for nifty. Strong bullish rally expected if nifty starts trading above 24500 level.
NIFTY : Trading Levels and Plan for 31-Oct-2024
Intro:
On the previous trading day, Nifty exhibited a mix of consolidation and upward momentum, with notable resistance zones tested near 24,594 . Key levels for 31-Oct-2024 have been identified, with trends marked as follows: yellow for sideways movement, green for bullish momentum, and red for bearish sentiment. This plan provides strategies for different opening scenarios.
Trading Plan for 31-Oct-2024
Gap Up Opening (100+ points above)
If Nifty opens 100+ points above the previous close, it may test the First Resistance/Consolidation Zone near 24,594 . If the index sustains above this level, we may see a push towards the Profit Booking Zone at 24,694 . However, if it struggles to hold above 24,594 , expect a retracement towards the Opening Support/Resistance level at 24,320 .
– A reversal from the resistance levels could prompt a move back to the Support at Retracement at 24,163 .
Flat Opening (within 50 points of the previous close)
For a flat opening, the key level to watch is 24,349 . Sustaining above this point could lead to a breakout, targeting 24,594 and possibly extending towards the Profit Booking Zone at 24,694 . Conversely, if momentum fails above 24,349 , Nifty might move sideways around 24,320 or even test the lower support at 24,285 .
– A downside break below 24,285 could increase bearish pressure, with potential support found at 24,163 .
Gap Down Opening (100+ points below)
In a gap-down scenario, initial support may be found near 24,285 . A rebound from this level could bring the price back toward 24,349 . If the index sustains above 24,349 , bullish momentum could retest the resistance at 24,594 . However, if 24,285 fails to hold, a decline towards Support at Retracement near 24,163 is likely.
– Persistent weakness below 24,163 might drive further downside towards the Last Intraday Support at 24,040 .
Risk Management Tips for Options Trading
Manage your position sizes wisely, especially when volatility is high.
Consider deploying trailing stops near major resistance/support levels to protect gains.
Options spreads can limit risk exposure, which is particularly useful in a choppy market.
Summary and Conclusion
The primary focus for 31-Oct-2024 remains on the resistance at 24,594 and support at 24,163 . Traders should stay flexible with these levels and use disciplined stop-loss strategies to manage risks. Observing the price action after the opening will provide better insight into the day’s trend.
Disclaimer:
I am not a SEBI-registered analyst. This analysis is based on technical levels and reflects my personal view. Please perform your own analysis or consult a financial advisor before trading.
#NIFTY Intraday Support and Resistance Levels - 30/10/2024Flat opening expected in nifty. After opening if nifty starts trading above 24550 level then possible strong upside rally upto 24750+ in today's session. 24300-24450 zone will act as a consolidation range for nifty. Any major further downside only expected below 24300 level.
#NIFTY Intraday Support and Resistance Levels - 29/10/2024Today nifty will open flat or slightly gap down near 24300 level. After opening if it's sustain above 24300 level then possible upside rally upto 24500 but in case nifty starts trading below 24250 level then possible further downside upto 24050 level in today's session.
NIFTY : Trading Levels and Plan for 29-Oct-2024
Intro:
On the previous day, Nifty displayed a upward movement from the provided levels in yesterdays trading plan and minor fluctuations within key levels. The chart illustrates potential sideways movement in yellow , an expected bullish trend in green , and a bearish trend in red . For today's trading, we will observe various opening scenarios and outline strategies accordingly.
Trading Plan for 29-Oct-2024
Gap Up Opening (100+ points above)
If Nifty opens with a 100+ points gap up, it is likely to face resistance near the 24,453 - 24,563 range, which is marked as the Opening Resistance / No Trade Zone . Observe price action here. If Nifty sustains above 24,563 , it may target the Profit Booking Zone around 24,715 - 24,759 . However, if it fails to break above the resistance, expect a potential retracement towards the Opening Support at 24,282 .
– In case of strong selling pressure, Nifty could pull back further, aiming toward 24,162 as a potential support.
Flat Opening (within 50 points of the previous close)
With a flat opening, focus on the initial 30 minutes to gauge market sentiment. If prices sustain above the 24,453 level, we may see a push toward 24,563 . A breakout above 24,563 will likely lead to a bullish trend targeting Profit Booking Zone at 24,715 - 24,759 . However, if it fails to sustain above the No Trade Zone , expect sideways movement or a dip toward 24,282 .
– Any move below 24,282 could potentially extend towards 24,162 , testing the Last Intraday Support level.
Gap Down Opening (100+ points below)
In a gap-down opening, monitor the 24,282 level as the immediate support. If it holds, Nifty may attempt to retest the Opening Resistance Zone around 24,453 . A breakout above this level could bring sideways or bullish momentum up to 24,563 . Failure to reclaim 24,282 may lead to further downside pressure, potentially pulling prices to the Last Intraday Support at 24,162 .
– Watch for price stability around 24,162 if it is reached, as this may serve as a potential reversal point.
Risk Management Tips for Options Trading
Consider setting a defined stop-loss for each options position based on volatility levels; hourly candle closes can be useful for managing intraday risk.
Avoid over-leveraging. In options trading, position sizing should reflect the inherent risk and potential for quick price changes.
Utilize trailing stops to lock in profits if Nifty moves favorably. This is particularly effective in highly volatile sessions.
Summary and Conclusion
Today, focus on the key zones: 24,453 - 24,563 as resistance and 24,282 as support. A break above or below these levels could set the day's trend. Use a balanced approach, aligning with the prevailing sentiment indicated by the chart structure.
Disclaimer:
I am not a SEBI-registered analyst. This analysis is based on personal views and technical parameters. Please conduct your research or consult a financial advisor before making any trading decisions.
#NIFTY Intraday Support and Resistance Levels - 28/10/2024Today gap down opening expected in nifty. After opening expected downside upto 24050 level in today's session and this downside rally can extend for further 100-150 points in case nifty starts trading below 24000 level. Downside 23850 level expected in today's session. Any upside rally only expected if nifty sustain above 24050 level and give reversal from this level.
Bank Nifty Long - Riding the Wave • Technical Analysis:
• Trend Analysis: The Bank Nifty has been showing a robust upward trend, consistently forming higher highs and higher lows over the past month.
• Support Levels: The index recently bounced off a significant support level, confirming strength in the ongoing trend.
• Moving Averages: Bank Nifty is trading above both its 50-day and 200-day moving averages, a strong indicator of continued bullish momentum.
• RSI & MACD: Both the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) show bullish divergences, indicating that the upward movement has room to continue.
The decision to go long on Bank Nifty was driven by strong technical signals and positive economic fundamentals. This position is intended to capitalize on the potential upward trajectory forecasted by both market sentiment and statistical indicators. I will be monitoring this position closely and plan to adjust my stop-loss and take profit points as the market evolves.
#BankNifty #LongPosition #TradingView #MarketAnalysis
#NIFTY Intraday Support and Resistance Levels - 25/10/2024Flat or slightly gap up opening expected in nifty. After opening expected nifty will consolidated between 24400-24500 zone. Bullish rally only expected if nifty gives breakout of 24500 level and sustain above this level. Downside expected if nifty starts trading below 24400 level.
NIFTY Bears Roar! TP2 Hit, Momentum Building for More!NIFTY 15m time frame Short Trade
Entry: 24,827.10
Current Price: 24,565.50 – TP2 completed, moving closer to TP3 and TP4
Key Levels:
Stop-Loss (SL): 24,902.70 – Protecting against reversals above resistance.
Take Profit 1 (TP1): 24,733.70 – Hit, confirming downtrend initiation.
Take Profit 2 (TP2): 24,582.50 – Hit, trend acceleration seen.
Take Profit 3 (TP3): 24,431.30 – Approaching the next key target.
Take Profit 4 (TP4): 24,337.85 – Final target for this move.
Trade Outlook:
NIFTY continues its downward journey, with TP2 successfully hit. Bearish pressure remains strong, and we anticipate the next targets being met as the market sustains its downtrend.
#NIFTY Intraday Support and Resistance Levels - 23/10/2024In today's session, Expected nifty will open near 24500 level. After opening if it's sustain above 24500 level then expected correction movement upto 24700. Upside 24700 will act as a strong resistance for today's session. In case, Nifty gives breakdown of 24450 level then possible strong downside upto 24200 level in today's session.
#NIFTY Intraday Support and Resistance Levels - 22/10/2024Flat opening expected in nifty. After opening if nifty nifty will face resistance at 24900 level and expected downside from this level. If nifty gives breakdown of 24700 level then possible strong downside fall upto 24450 level. Any major upside only expected above 25000 level.